Cinven has raised $14.5 billion for its latest private equity fund in one of the larger European fundraisings in recent months, even as financial sponsors grapple with muted appetite for new investment vehicles.
The eighth Cinven fund met the company’s so-called hard cap, or maximum target, and is also about 30 percent larger than its 2019 predecessor, according to Bloomberg News. Cinven extended the deadline for the fund from July to January to give some parties more time to close their commitments, Bloomberg reported.
About 40 percent of the demand for the new fund came from the Americas, 30 percent from Europe and the rest from the Middle East and Asia Pacific, said Alexandra Hess, head of Cinven’s investor relations and fundraising team.